It is easy to form attachments to material possessions, whether big or small. Not only do we have memories attached to such items, but often they bring us comfort too—whether in the form of furniture or gifts like jewelry—or perhaps electronics, gadgets, or vehicles. Our homes usually top the list though. This is not just an investment for most of us, but also a place of deep emotional attachment. If you have lived in your home for many years, you have probably watched your children grow up as well as witnessing major transformations to the neighborhood. And even if you have only owned your house for a couple of years, that’s more than enough time for it feel like home.
You may have mixed feelings about selling your house. Perhaps you must move due to financial or family issues. You may have taken a job in another area—or you may have just found another house you like better. The real estate agent should walk you through the whole sales process so that you know exactly what to expect, from showing the house to filling out disclosure forms to signing contracts, receiving payment, and finally, moving out. This may all come to a screeching halt though if you change your mind after the buyer has put in an offer and you have accepted. Keeping in mind that the other party is probably very excited about their new purchase, if you back out at the last minute, do not expect to find your decision to be a popular one.
Deciding you want to stay in your home is one thing, along with withdrawing it from the market, but if you already put your signature on a contract accepting a buyer’s offer, things could get tricky, and you may want to consult with an experienced real estate litigation attorney like Shane Coons first. Unless there was a clause allowing you to back out of the contract, you could face legal action if you do not follow through with your end of the bargain. In many cases, however, the other real estate agent and party may not want to put the effort and expense required to take you to court over a home you no longer wish to sell. This all depends on how desirable the real estate is, obviously. There is the possibility that while the party who wanted to buy the house is willing to let you off the hook and dismiss your ‘breach of contract,’ the real estate agents (perhaps even on both sides) may not be so kind, and may still expect the commission money they were promised.
If you have questions about a legal issue regarding real estate, please call Shane Coons now at 949-333-0900 or email us at Shane.Coons@seclawoffices.com. We will be glad to meet with you to review your case and explain your legal options. Our office is here to help!